Advice on choosing between actuarial master programmes

Hey guys, I need your advice. I am going into my final year in uni (BSc Economics) and was thinking about doing a masters degree in actuarial science after that. I saw that City university offers two types of actuarial master degrees- one that enables to get exemptions from all the CT subjects, for student who are new to the field of actuarial science, and one that offers exemptions from CA3, CA1, two ST, and possibly some CT's as well, for those who have already passed at least 5 CT's. Both of those degrees cost the same (£16 k)
Now, I am trying to decide whether I should apply for the degree that offers that exemptions from the CT's straight after graduation, or whether it would be better if I'll study myself and try to pass 4 CT subjects after graduating (I'm planning to take CT1 this summer), and then apply a year later to the more advanced degree. I'm thinking that the second option might provide a shorter route to qualification, since I assume that it takes more than a year to pass the CA3 ,CA1 and two ST exams. Is this correct?

Would appreciate any advice

 

It would offer a shorter route to completing the exams, but I would warn you very strongly indeed that employers are very wary of candidates whose qualifications are not in line with their level of experience.

If the maths content of your BSc is sufficient, why not apply directly for entry to employers this coming recruitment cycle, and apply for a master's program as a fallback? If you go down this route, stuff your final year with as many maths/stats electives asyou can get away with.

 

I completely agree with Calum. I think alot of the people taking these courses are going to realise it was not such a great idea when they start looking for jobs.

Why pay £16k to do a course that gives you exam passes without experience, when an employer will pay you a salary, give you study leave, pay for your exams, and give you on-the-job experience (which is much more valuable than exam passes) at the same time?

 

Don't get me wrong, I am not saying that these are bad courses, bad value, or anything else - but you must be sure doing one is in your best interests. Caveat emptor, and so forth.

It's perfectly possible for one of these master's courses to make sense - especially at the CT level - but it depends on the individual and their needs.

 

Thanks for comments, but the thing is, I am planning to move back to my country after finishing studying and acquiring some experience, where although the system of exams is exactly the same as here, to qualify as an actuary one must also have a degree in actuarial science. So I need to do a masters anyway, I just need to decide between the different routes

 

Then how about this....

See if you can find an actuarial sponsor that has operations overseas. You get the degree and some experience alongside. Some companies sponsor people onto these courses but if they haven't got an overseas arm they may be sceptical of taking you.

But sponsorship is highly competitive

 

That's never gonna happen Though actuaries are in high demand where i'm from (Israel ), even the big 4 don't pay for the exams, offer a study leave etc.. so the chances of finding a sponsorship are pretty slim.

I guess another thing I can do is study in the Netherlands, where as a Dutch national I won't have to pay for the degree and I could get a grant that will cover my living cost. I could then try and find an employer here that offers the study support , but I guess that it would be much harder to secure a job having studying in the Netherlands, than it would be if I simply completed the degree here (that's also offer exemptions), right ??

 

I don't see why it would make a difference to an employer where you studied, although it may affect the number of exam exemptions you are able to get. Presumably if you study in netherlands, the courses are probably less likely to be aligned with the UK exam syllabuses, so it will be harder to get exemptions.

I'd guess the institute could tell you if anyone has already got exemptions for courses sat in Netherlands, and if not, should be able to advise you if a particular course is likely to be eligibe for exemptions.

 

In theory, actuarial qualifications are intended to be portable between countries, so qualifying in the Netherlands should not be an issue.

In practice, of course, employers will probably be far more familiar with domestic and UK/US qualifications...

 

Portability should be less of an issue with the early mathematical subjects. Its the later application type exams where the bigger differences would be.